With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying:
“Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”
“From one year ago, the inventory of unsold homes decreased 13%. . . .”
What Does This Mean for Sellers Today?
With buyers eager to purchase but so few homes available, sellers who list their houses this fall have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in today’s market, buyers want three things:
- To be the winning bid on their dream home.
- To buy before rates rise
- To buy before prices go even higher.
Your Leverage Can Help You Negotiate Your Best Terms
These three buyer needs give homeowners a leg up when selling their house. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs.
And since buyer demand is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at the terms of each offer to find out which one has the best perks for you.
If you have questions about what’s best for your situation, your trusted real estate advisor can help. They have the expertise and are skilled negotiators in all stages of the sales process.
This is the perfect time to sell a home.
The best time to sell a home is when you have the least competition. When a home buyers choices are limited, they will pay more and offer better terms. If you have a home to sell in the Greater Seattle area, there has never been a better time. Check out the interactive graph below to see how this time compares.
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Shorewood in Burien View Home
2,190 Sq Ft. • 3 Beds • 2 Baths
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